New regulations to better control high-risk trading on Wall Street were ushered in on Tuesday by government regulators seeking ways to prevent future financial crisis caused by high-risk business practices.
The rules are an expansion of the Dodd-Frank regulatory law and will give the government more control over the $700 trillion derivatives industry, a murky business said to be the starting point of the present economic crisis. This particular sector of finance has been under reconstruction for the past two years, but the most recent bundle of improvements are said to be the basic building blocks needed to institute the additional necessary changes for a complete Wall Street tune-up.
“Light will begin to shine on the markets for the first time,” said Gary Gensler, the chairman of the Commodity Futures Trading Commission, which approved the rules. “This is a very significant day for the American public.”
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